Some PayPal users can now transfer Bitcoin and other cryptocurrencies from their accounts to external wallets and exchanges.
This week, chosen consumers in the United States will be able to use the service, and all qualified customers in the United States will have access to the functionality in the coming months.
Globally, hundreds of millions of people use PayPal and its Venmo app to transfer money.
The new service enables PayPal users to transfer cryptocurrency to other PayPal users in seconds without incurring any fees or network fees.
The startup began letting consumers to purchase, sell, and hold Bitcoin, Ethereum, and Litecoin in October 2020. Until today, though, they were unable to move their crypto assets off the platform.
In March of 2017, PayPal introduced a function that allowed clients to pay with cryptocurrency at millions of online merchants. It also stated earlier this year that it was studying the creation of PayPal Coin, its own stablecoin.
PayPal is not the first digital payment provider to remove cryptocurrency from its platform. After activating a cryptocurrency wallet, Robinhood announced in April that 2 million “qualified” clients may transfer digital assets off the site.